Polkadot’s architecture is based on parachains – these are blockchains that work in conjunction with the main Polkadot blockchain, taking over a large number of its properties. In particular, this is a high level of security, transaction speed and other features. At the same time, most of the other parameters can be adjusted individually for each blockchain according to its needs.
Today we propose to consider the top best projects on Polkadot in 2021. These projects are promising, benefit society and affect a variety of industries.
Celer Network is a scalability protocol that helps integrate fast and low-cost decentralized applications into any blockchain. It makes it possible to easily and safely perform not only payment transactions, but also various smart contracts for other purposes. With Celer, any developer can create and use scalable decentralized applications.
The main features of the Celer application are the reduction of transaction latency by 20 thousand times, zero commission for off-chain transactions, solving the problems of connection and liquidity, cryptoeconomics based on incentivizing users.
Darwinia Network is a decentralized network based on the concept of cross-chain bridges. Provides a secure bridge solution between Polkadot, Ethereum, TRON and other chains by cross-chain asset and data transfers. The main applications are DeFi, NFT trading, games, etc. The network has already gained public acceptance among all decentralized protocols with a similar purpose.
The economic model of the project includes native RING tokens used as a gas for transactions and KTON tokens – a reward to users for staking RING.
OriginTrail is an ecosystem that enables flexible and reliable data exchange between organizations. Already used by some large companies in the USA and Europe. Helps eliminate the following supply chain problems: low transparency, reluctance to share sensitive data, high technology development costs, poor interoperability, lack of decentralized database solutions.
OriginTrail is designed to provide data integrity in interorganizational relationships based on powerful graph structures. If you take into account the existing use cases of OriginTrail in various industries, the protocol may well become the basis for the next generation of business applications.
Ocean Protocol is a tokenized data service that intertwines business, technical, and governance. Data owners and consumers use the app to publish, search and use data resources in a confidential manner. Holders of OCEAN tokens can earn from staking liquidity of data pools. Ocean Protocol libraries are used by developers to create wallets, exchanges, and more.
The protocol makes it possible to buy and sell various confidential data without revealing your identity. This solves the trade-off between the benefits of using private data and the risks of disclosing it.
Acala Network is a DeFi hub for interconnecting different blockchains and a platform for issuing stablecoins (aUSD, equivalent to the US dollar). Stable in design, aUSD enables unlimited and inexpensive transfer of value around the world across all connected blockchains. The decentralized network is fully managed by Acala Network Token (ACA) token holders and is protected under the Polkadot overall security model, which provides high resilience and upgradeability without forking.
Acala users have the opportunity to work with four main areas – aUSD crypto loans, earning interest on stablecoins, trading tokens on a decentralized exchange and participation in governance available to ACA holders
Kulupu is a self-updating blockchain system that uses Proof-of-Work as a consensus mechanism. It is one of the first blockchains to combine PoW consensus mechanism and fork-free updates. There is no pre-mining. At the moment, 24 KLP per minute is issued for miners. The RandomX mining algorithm, also used in Monero, is ASIC resistant.
The treasury system at Kulupu is structured in such a way that coin holders have a final say in how funds are spent. A democratic system allows users to submit their proposals to a referendum for coin holders to vote for.
Edgeware is a self-improving smart contract blockchain in the Polkadot ecosystem. At Edgeware, users come together in groups, projects and businesses along with their community-funded products and services through Edgeware. Edgeware smart contracts are executed in WASM, which significantly speeds up them. And with EVM support, Solidity developers can redeploy their creations with minimal changes.
Effective on-chain governance requires a range of new technologies: DAOs, economic mechanisms, cryptographic voting systems, and collaboration interfaces. All these systems will be built in the process of recursive self-improvement.
We talked about several really promising projects based on Polkadot, which are of high quality and professionalism. There is also a tendency to expand existing projects towards Polkadot (for example, this is OriginTrail, as well as the Chainlink decentralized network of oracles). It is not surprising that Polkadot is increasingly called a competitor and even a “killer” of Ethereum, although the developers themselves do not agree with this definition and believe that their project only complements the already existing ecosystem.
What is Polkadot?